Jamie Vardy is reportedly leaning towards rejecting a move to Arsenal in favour of staying with Leicester City.

Vardy played a crucial role in the Foxes’ Premier League title-winning campaign, scoring 24 goals from 36 appearances as he finished joint-second in the overall goalscoring ranks alongside Manchester City’s Sergio Aguero.

The 29-year-old’s form sparked rumours of an exit from the King Power Stadium this summer and the Gunners were said to be leading the race, having met the Â£20million release clause in his contract.

Reports had suggested the forward verbally agreed a three-year-deal worth Â£120,000-a-week with the north Londoners, but those claims appear to be way off the mark.

Vardy, who is currently with the England squad for Euro 2016, is now said to be set to stay at Leicester for the club’s first ever Champions League campaign.

The English champions are themselves readying a new contract offer which could be worth around the Â£100,000-a-week mark as they look to keep Vardy on board.